Lending Stream and Sunny Problems

[Never-In-Doubt]

Re: Lending Stream and Sunny Problems

Thanks. I'll just be glad when I know exactly where I stand. I don't need the stress when I am trying to give up alcohol.

I can imagine - won't be easy but try not to stress, SnV will help you out - he's good like that.

Well done on giving up the drink - pretty impressive

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Hi SnV

I have completed the Lending Stream income and expenditure form, but not sent it to them. Can I send you a copy via an attachment so that you can look over it? It works out at £15 per month that I can pay them. Obviously It would also be the same for Sunny.

Thanks again

I wouldn't necessarily trust one that a creditor sends you. Do you have time today to look at this one from NEDCAB?

https://nedcab.cabmoney.org.uk/quickfs.asp

The is based on the Common Financial Statement format, and will also base allowances on the correct trigger figures (http://www.cfs.moneyadvicetrust.org/faqs.asp?page_id=37)

That way you'll have an accurate financial statement based on the CFS format, which creditors should not refuse without good reason.

[thaiguru76]

Re: Lending Stream and Sunny Problems

I wouldn't necessarily trust one that a creditor sends you. Do you have time today to look at this one from NEDCAB?

https://nedcab.cabmoney.org.uk/quickfs.asp

The is based on the Common Financial Statement format, and will also base allowances on the correct trigger figures (http://www.cfs.moneyadvicetrust.org/faqs.asp?page_id=37)

That way you'll have an accurate financial statement based on the CFS format, which creditors should not refuse without good reason.

Looking at it now. Thanks

Shall I send you a copy once its done?

[thaiguru76]

Re: Lending Stream and Sunny Problems

Ok

Done the income expenditure from your link. Shall I send it you to take a look at?

Thanks

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Ok

Done the income expenditure from your link. Shall I send it you to take a look at?

Thanks

Excellent!

Yes just email it across to the address in my signature.

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Thanks again for all the help you have given me so far and I don't want you to think I was being underhand by posting on CAG as well. I was just looking at my options and I apologise if I have offended you as that was definitely not my intention.

By the way I didn't think you were being underhand, and I wasn't offended at all, you're being very sensible sourcing multiple opinions to help you make up your own mind.

The only thing that offends me is the 'advice' of people who are doing no due diligence on their part to understand all the facts of an individuals circumstances, before offering a course of action which could expose that individual to more risk, and, even worse, without explaining that risk to the individual who will have to live with the consequences should things go bell end shaped!

[thaiguru76]

Re: Lending Stream and Sunny Problems

Excellent!

Yes just email it across to the address in my signature.

Emailed it over.

Thanks again

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Emailed it over.

Thanks again

Fab - just had a quick look through. Are LS and Sunny your only creditors? Do you owe money to anyone else or have any other debt? Just want to make sure that you're not going to offer them too much?

I'd also consider tweaking your figures for food/housekeeping - looks quite low to me.......

[thaiguru76]

Re: Lending Stream and Sunny Problems

Thanks SnV

I do owe BarclayCard a small amount but I'm not worried about that and will pay it as normal. Also I am happy with £30 a month as I don't actually pay the Board ( I just added that in so that I have the money for myself, I know It's lying again but they will never know I don't pay board. My Mother is more concerned with my health and mental state and doesn't need the money. She does not know about my debt and I want to keep it that way)

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

I do owe BarclayCard a small amount but I'm not worried about that and will pay it as normal. Also I am happy with £30 a month as I don't actually pay the Board ( I just added that in so that I have the money for myself, I know It's lying again but they will never know I don't pay board. My Mother is more concerned with my health and mental state and doesn't need the money. She does not know about my debt and I want to keep it that way)

You don't know if your circumstances will change, so the board amount is fine. I would though include the Barclaycard debt, because they will find out about it if they do a search with the CRA's, and it will reduce the monthly amounts you pay to LS and Sunny. If you find that you're doing ok, then you can always increase the monthly payment, but what you don't want to do is to commit to a monthly arrangement thats not sustainable.

[thaiguru76]

Re: Lending Stream and Sunny Problems

You don't know if your circumstances will change, so the board amount is fine. I would though include the Barclaycard debt, because they will find out about it if they do a search with the CRA's, and it will reduce the monthly amounts you pay to LS and Sunny. If you find that you're doing ok, then you can always increase the monthly payment, but what you don't want to do is to commit to a monthly arrangement thats not sustainable.

I understand what your saying, but as I am going down the repayment plan route, I want to pay my debts off as fast as possible. Technically the Barclaycard is included in the £50 other section as it is only £10 per month min payment.

I also aim to pay extra to Sunny and Lending Stream at the end of each month when I have cash spare (which should be more often with giving up alcohol).

Do you have an email template I can send with the form?

Thanks again

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Hi Thai

I'll help you put together a letter later this evening - work a bit crazy today!

SnV

[thaiguru76]

Re: Lending Stream and Sunny Problems

Hi Thai

I'll help you put together a letter later this evening - work a bit crazy today!

SnV

That's great.

Thanks again for everything you've done for me.

[SaltnVinegar]

Re: Lending Stream and Sunny Problems

Hi Thai

Ok, see below a template letter you can tweak to your circumstances to send to LS and Sunny.

You'll need to amend the sections highlighted in red. Also decide whether you want to retain the section regards your alcohol/gambling addiction. Some people prefer not to, however it does give you added leverage if you informed a creditor you could be considered vunerable, as communication they send you then has to have a certain amount of forebearance.

If they have any conscience they will write off a couple of the loans based this fact, but don't hold your breath.

Any questions let me know.

SnV

<Start of Template Letter>

Account Number: xxxxxxxxxxxx
Account Number: xxxxxxxxxxxx
Account Number: xxxxxxxxxxxx

Dear Sir/Madam:

I am writing to you with regard to the above accounts I have with you.

As you have been previously made aware, since making the above agreements with you, my employment circumstances have detrimentally changed, and I now cannot afford to the repayment schedule as I am in severe financial hardship.

One of the reasons for this situation is an alcohol and gambling addiction that I have been suffering but am now receiving professional help for. I am happy to say am now making recovery with the support of this professional help.

Please be advised that my previous health issues meant that I was in a vulnerable position when applying for products from your company, and I would ask that you take into consideration the mental capacity limitations of the FCA CONC guidelines, as well as Money Advice Liaison Group (MALG) Good Practice Awareness Guidelines for Consumers with Mental Health Problems and Debt.

I hope that you will apply these guidelines to my personal circumstances and demonstrate the consideration and forbearance the guidelines require.



I have also been receiving professional advice regards my debts and attach a statement of account from NEDCAB which is based on the Common Financial Statement format.

As you can see I have only £xxx per month left for my creditors. The offers I have made to my creditors have been calculated on a pro−rata basis, and I have written to all my creditors asking them to accept reduced payments. 

In view of my circumstances, please would you agree to accept the following reduced payment offer towards these accounts:

Account Number: xxxxxxxxxxxx - £xx/month
Account Number: xxxxxxxxxxxx - £xx/month
Account Number: xxxxxxxxxxxx - £xx/month

If interest or other charges are being added to the account I would be grateful if you would freeze these so that all payments made will reduce what I owe you and assist me in reducing the balances.



Should my circumstances improve I will contact you again.


I would also be grateful if you would send me bank account details so that I can set up a standing order which will commence from xx/xx/xxxx.

<End of template letter>

[thaiguru76]

Re: Lending Stream and Sunny Problems

Thanks SnV

I will get this off to them 2moro and update this thread once I have heard a response from them.

Thanks for all the time you have put into this.